Questions about commercial insurance broker

[Markthebroker]

Ryanjtw, you have been given advice based on your question. You have ignored that advice and steered the conversation seeking different answers.

You've clearly already made the decision to take this job, and are seeking answers to affirm your decision. You don't appear to truly be seeking advice.

If you were going to be selling commercial insurance, you have a terrific amount of information to learn. Based on the way you've asked a question, then rejected the answer, then re posed the question to get an answer you want gives cause for great concern about your future in learning a highly complicated intangible product.

Based on the way you have been given clear answers to your question, then dodged and danced around it, at least on your ability to learn, I don't think you would do well in this business.

 

[ryanjtw]

Ryanjtw, you have been given advice based on your question. You have ignored that advice and steered the conversation seeking different answers.

You've clearly already made the decision to take this job, and are seeking answers to affirm your decision. You don't appear to truly be seeking advice.

If you were going to be selling commercial insurance, you have a terrific amount of information to learn. Based on the way you've asked a question, then rejected the answer, then re posed the question to get an answer you want gives cause for great concern about your future in learning a highly complicated intangible product.

Based on the way you have been given clear answers to your question, then dodged and danced around it, at least on your ability to learn, I don't think you would do well in this business.

Thanks for pointing out that. I just want to dig to know what quantitative skills are required...

 

[ryanjtw]

Ryanjtw, you have been given advice based on your question. You have ignored that advice and steered the conversation seeking different answers.

You've clearly already made the decision to take this job, and are seeking answers to affirm your decision. You don't appear to truly be seeking advice.

If you were going to be selling commercial insurance, you have a terrific amount of information to learn. Based on the way you've asked a question, then rejected the answer, then re posed the question to get an answer you want gives cause for great concern about your future in learning a highly complicated intangible product.

Based on the way you have been given clear answers to your question, then dodged and danced around it, at least on your ability to learn, I don't think you would do well in this business.

And your "answer" means large brokers don't hire fresh graduates with no experience, they do hire fresh graduates and train them as brokers in my city (somewhere in APAC). You can easily find that on their sites, or linkedin.

 

[ryanjtw]

So it seems somebody is the one who dodge and dance around a fact. So cool to confine oneself to his own scope of horizon.

 

[Markthebroker]

And your "answer" means large brokers don't hire fresh graduates with no experience, they do hire fresh graduates and train them as brokers in my city (somewhere in APAC). You can easily find that on their sites, or linkedin.

So it seems somebody is the one who dodge and dance around a fact. So cool to confine oneself to his own scope of horizon.

Nope, I never said that. You have a lot of work to do on your listening and learning skills.

 

[BADTROUT]

So it seems somebody is the one who dodge and dance around a fact. So cool to confine oneself to his own scope of horizon.

Best of luck to you! I agree with @Markthebroker , you don't seem to be seeking advice.

So from here on out... Google it.

 

[Thatisgoodforyou]

I stumbled upon this thread looking for the answer to a completely unrelated question. If I found it, a young, impressionable person looking to break into the industry may also do so. I joined because I wanted to give a more objective opinion.

I am a young broker myself, and I can say from experience that it is very difficult to get traction in this industry. Starting off at a top brokerage is not going to make it any easier. The type of clientele they cater to is looking for a trusted partner and consultant, not an order-taker to fetch them the best price. For that reason, product knowledge, experience, and the ability to communicate those two things are prerequisites. Those cannot be acquired in a short amount of time.

Learning about Commercial P&C coverage is much more difficult than you would think. There are plenty of educational resources, but they are scattered and often cover disparate topics. Some of them also come at a substantial cost. Part of the battle is learning where to learn about things. Working for a top brokerage would provide you with a treasure trove of info, but it would not help you with the other hurdle, which is confirming that knowledge with practice.

You could read about insurance all day and not really understand how it works in the real world. Until you have practical experience working with underwriters, claims adjusters, risk managers, regulatory agencies, etc. You do not have a real idea of how things work. It takes time to gain this sort of experience, and even veteran brokers are still taken by surprise on a frequent basis. The industry is always in flux, its a living, breathing, thing that requires you to constantly take its pulse.

Finally, what really separates a good broker from a great broker, is the ability to take all of that knowledge and experience and communicate it to clients effectively. This is probably the hardest part. Insurance is inherently abstract, and even very intelligent people have a hard time accurately assessing things like risk and reward. Its the same part of the brain that makes people gambling addicts. No one really thinks the worst case scenario will happen to them, and they almost always overestimate their luck. It is your job to protect them from themselves. Some people command attention and respect naturally, others have to work for it. However, if clients think you don't know what you are talking about, or if you confuse or bore them, they are not going to take you seriously.

If you are starting out, you are going to have a hard time at a top brokerage. All clients will smell inexperience and doubt on you, but some may be willing to give you a shot. The type of clientele top brokerages go after will say "Thank you for your time" and you will never hear from them again. These brokerages know that, and will not bother hiring you in the first place. That is why everyone is saying, do not waste your time, or that you probably do not know what you are getting in to.

That does not mean you can never work there, just that doing so with no experience is just setting yourself up for failure. Get a job working elsewhere first and learn the ropes. You will know pretty quick if the job is for you. If you are determined, confident, sharp, and self-aware, you can make it in this industry. Who know, you could make it to one of those top brokerages much sooner than any of these people would think possible. These companies have brokers in their 20s, so it is not impossible. However, if your delusional, timid, make excuses, or cut corners, you are going to have a tough time. Just do yourself a favor, try not to waste time and be honest with yourself from the get go.

It always helps to be charismatic and charming, but that's true of anything. There is your non-deal breaker.

 

[fed up]

Never try to BS a fly fisherman